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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

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Results for pten
wsnewspublishers
1 Aug 15 09:18:31
Friday’s Trade News Report on: http://t.co/uO3SwEr2Hj $PTEN $BRCD $RNG $UPS
ProVesting
1 Aug 15 07:40:03
$PTEN $BRCD $RNG: Friday's Trade News Report on: Patterson-UTI Energy, (NASDAQ ...: http://t.co/172MQ30bXL
nasdaqfan
31 Jul 15 23:43:03
PTEN Patterson-UTI Energy, Inc. Ask http://t.co/47joFpafU4 $PTEN $SFY $GE $VLTC #PTEN #share #stock
IH News Desk
31 Jul 15 23:37:40
FXI iShares FTSE China 25 Index Fund EOD Data http://t.co/ZKGfFwnagm $FXI $MA $AMBA $PTEN #FXI #tradeideas #invest
dailystockplays.com
31 Jul 15 16:25:12
Elder Red http://t.co/z1XtdKxA5K $JPM $BBT $SDRL $HAL $KEY $OIH $SLB $ATVI $PEP $NOV $BBRY $ISBC $FITB $PTEN $EPD $LYG $IDTI $CLF
InvestWithConf
31 Jul 15 14:30:02
$PTEN is rated BUY, 29.8% upside by Wall Street analysts based on average ratings/targets http://t.co/G2gD8wftXP http://t.co/sIa0FaT1sn
zooey m
31 Jul 15 05:32:34
mediasentiment: $PTEN received a new alert. Find out why at http://t.co/6A03PDuOjo #stocks #daytrading #trading … http://t.co/X3n8d6GPom
Media Sentiment
31 Jul 15 05:30:06
$PTEN received a new alert. Find out why at http://t.co/nZwqReM0tj #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 153
Market Int Center
31 Jul 15 05:28:02
Patterson UTI Energy $PTEN Showing Bearish Technicals With Resistance At $17.83 ( http://t.co/sHoAnK8qf3 )
dailystockplays.com
30 Jul 15 15:15:08
Bearish Doji http://t.co/wWVlXVDnbD $EPE $SCTY $PTEN $FOXA $ANTM $OI $PAYX $QTM $HDS $STO $CME $TDW $NKE $GGP $AMD $AZN $CBL $AET
US_proptrader
30 Jul 15 08:36:59
$CVLT $EPE $IRDM $ITEK $KN $MTOR $OCN $PTEN $VLTC autocharts @ http://t.co/cLiki3R0GR
US_proptrader
30 Jul 15 08:20:59
$AU $OHRP $PDS $PTEN $SBUX $STNG $VDSI $VIP $VLTC autocharts @ http://t.co/cLiki3R0GR
The Legacy News
30 Jul 15 07:57:37
Patterson-UTI Energy Downgraded by Global Hunter Securities $PTEN http://t.co/NCcILGbpN8
wsnewspublishers
30 Jul 15 07:53:10
Active Stocks in the Spotlight: http://t.co/6TdaSbMaKR $SIRI $CNX $PTEN
Greg David
30 Jul 15 06:03:50
Check out http://t.co/Y1RoKIXsmm. Top OTC trading group right now. Never paid promo. Related: $TEX $INXN $STWD $FULT $PTEN
Breaking News
30 Jul 15 04:37:08
$PTEN: New SEC Filing for PTEN: Form 8-K (No. 0001193125-15-269251): http://t.co/kHlhuRwiKa
Greg David
30 Jul 15 04:28:12
Check out http://t.co/Y1RoKIXsmm. Top OTC trading group right now. Never paid promo. Related: $TEX $INXN $STWD $FULT $PTEN
Latest SEC Filings
30 Jul 15 04:23:03
NEW SEC Filing for $PTEN filed a moment ago: http://t.co/oYKIcrATvi http://t.co/COFPLPi8sL
Analyst Actions
30 Jul 15 01:55:01
$PTEN: Analyst action by SunTrust Robinson Humphrey on Patterson-UTI Energy: http://t.co/o0Xx4E9ALW http://t.co/5U8RoXFOfq
Clinton
29 Jul 15 23:30:58
RT @sanglucci: Action in Review | July 29th, 2015 | http://t.co/fgkmdhmZzk $TWTR $HRB $OAS $MRO $PTEN http://t.co/6AoT7SVqwn
Swiss
29 Jul 15 21:06:04
RT @sanglucci: Action in Review | July 29th, 2015 | http://t.co/fgkmdhmZzk $TWTR $HRB $OAS $MRO $PTEN http://t.co/6AoT7SVqwn
Christian
29 Jul 15 20:01:38
RT @sanglucci: Action in Review | July 29th, 2015 | http://t.co/fgkmdhmZzk $TWTR $HRB $OAS $MRO $PTEN http://t.co/6AoT7SVqwn
HAAANtonio Sus-aro
29 Jul 15 18:14:32
RT @sanglucci: Action in Review | July 29th, 2015 | http://t.co/fgkmdhmZzk $TWTR $HRB $OAS $MRO $PTEN http://t.co/6AoT7SVqwn
Sang Lucci
29 Jul 15 18:01:21
Action in Review | July 29th, 2015 | http://t.co/fgkmdhmZzk $TWTR $HRB $OAS $MRO $PTEN http://t.co/6AoT7SVqwn
MarketBeatCom
29 Jul 15 16:50:42
Get the latest ratings for $PCP $INFA $PTEN $KLAC $PHMD in your inbox with MarketBeat Daily http://t.co/nSJuDsYidj
Option Runners
29 Jul 15 16:24:55
Notable options activity today in $GD, $KSU, $MYL, $OMC, $PFE, $PTEN and $TRP
dailystockplays.com
29 Jul 15 14:49:56
Stochastic Buy http://t.co/EK3LkVtMaF $LOCK $SEE $OIH $RUSL $EXC $CVEO $BEN $EDC $SPN $PTEN $KSS $CPE $BBBY $BBG $ONVO $PSEC $DISH $RIO
kenr0966
29 Jul 15 14:18:35
RT @WallStJesus: TODAY'S UNUSUAL PUT/CALL FLOW: http://t.co/8pkN1gIyj5 $PTEN $SODA $OMC $SYY $CMPR http://t.co/PeSlSwFVqe
Capt Jim
29 Jul 15 14:18:13
RT @WallStJesus: TODAY'S UNUSUAL PUT/CALL FLOW: http://t.co/8pkN1gIyj5 $PTEN $SODA $OMC $SYY $CMPR http://t.co/PeSlSwFVqe
JE$US
29 Jul 15 14:17:15
TODAY'S UNUSUAL PUT/CALL FLOW: http://t.co/8pkN1gIyj5 $PTEN $SODA $OMC $SYY $CMPR http://t.co/PeSlSwFVqe
Stocks Pastor
29 Jul 15 12:32:30
$OKE is still one of my favorites with $PTEN
InvestWithConf
29 Jul 15 10:46:02
$PTEN is rated BUY, 25.4% upside by Wall Street analysts based on average ratings/targets http://t.co/G2gD8wftXP http://t.co/E3FW7WSVGx
Greg David
29 Jul 15 09:26:43
Check out http://t.co/Y1RoKIXsmm. Top OTC trading group right now. Never paid promo. Related: $TEX $INXN $STWD $FULT $PTEN
Livevol Community
29 Jul 15 09:00:03
HIGH CALL VOLU $CNW 6380% $OMC 4102% $CYT 3079% $GNC 1833% $GD 1272% $NOC 825% $PTEN 660% $IP 643% http://t.co/gwzPxh5Y4R
US_proptrader
29 Jul 15 08:54:59
$CLF $EPE $ESI $MRD $NTLS $PTEN $SYRG $TLN $UPL autocharts @ http://t.co/cLiki3R0GR
Market Int Center
29 Jul 15 08:15:29
Patterson UTI Energy $PTEN Trading Near $17.38 Resistance Level ( http://t.co/wcxcTOrmir )
Cutlass
29 Jul 15 07:46:11
RT @TheTradeXchange: $PTEN FEB LEAP 21 CALLS 5K @$1.050 on offer
TradeXchange
29 Jul 15 07:45:38
$PTEN FEB LEAP 21 CALLS 5K @$1.050 on offer
JE$US
29 Jul 15 07:45:20
$PTEN FEB CALL BUYER
Open Outcrier
29 Jul 15 07:44:15
$PTEN Feb 21 Call Buyer +5k for $1.05
Drink Boss
29 Jul 15 02:47:17
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/Fzm4oeZAyB … "coffee anyone?" $JO $HES $CLR $CXO $PTEN $HP $PE http://t.c…
Douglas Busch CMT
29 Jul 15 02:45:44
ChartSmarter Wednesday Game Plan: http://t.co/Fzm4oeZAyB … "coffee anyone?" $JO $HES $CLR $CXO $PTEN $HP $PE http://t.co/k6hNVx8tz2
Pierce
28 Jul 15 21:41:18
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/Fzm4oeZAyB "coffee anyone?" $JO $HES $CLR $CXO $PTEN $HP $PE http://t.co/…
Popular Drinks
28 Jul 15 17:07:10
RT @chartsmarter: ChartSmarter Wednesday Game Plan: http://t.co/Fzm4oeZAyB "coffee anyone?" $JO $HES $CLR $CXO $PTEN $HP $PE http://t.co/…
Douglas Busch CMT
28 Jul 15 17:06:28
ChartSmarter Wednesday Game Plan: http://t.co/Fzm4oeZAyB "coffee anyone?" $JO $HES $CLR $CXO $PTEN $HP $PE http://t.co/rfvqMlPGrd
StockSpotter
28 Jul 15 15:45:51
$PTEN up 4.8% to 16.47 bullish setup alert #stocks #options #markets http://t.co/NUHs2GEsMV
12Stocks.com
28 Jul 15 13:00:57
MidCap #Stocks Performance $BTU $SVU $IPGP $CDNS $WPX $AMD $TDW $GPN $WOR $STLD $RDC $DNR $ARW $ATW $PTEN more@ http://t.co/H27z0IZ4hK
Breaking News
28 Jul 15 12:47:02
$PTEN: Patterson-UTI Energy (PTEN) Stock Rising on Mixed Analyst Note: http://t.co/R14H9rb81e
Trader Daily
28 Jul 15 12:42:06
Patterson-UTI Energy $PTEN Stock Rising on Mixed Analyst Note http://t.co/uZTOVQDtvX
TheStreet SpeedDesk
28 Jul 15 12:42:05
Patterson-UTI Energy $PTEN Stock Rising on Mixed Analyst Note http://t.co/dKc0WozU3h
				
				
By  +Follow October 4, 2013 8:22AM
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